Home ownership has been seen as a core aspiration and value for Australians from European settlement to the present. This chapter examines Australia’s home ownership rate in an international comparative context. Trends in this rate, in the historical evolution of government support for home ownership and the reasons for emerging concerns about falling rates of home ownership, particularly among younger households, are covered. The chapter also reviews the various ways that Australian governments attempt to enable first home ownership and the tax settings that provide support for the tenure.